The property is in close proximity to the town’s principal shopping areas of Standishgate and the Grand Arcade Shopping Centre which is the dominant shopping destination within the town. Comprising approximately 39,485 sq m (425,000 sq ft) of retail space, the Centre has over 40 stores and 900 car parking spaces. Key retailers include Debenhams, Marks & Spencer, TK Maxx, H&M, Next, Boots and River Island. Grand Arcade has an annual footfall of 6.3 million.

Other leisure occupiers on King Street include The Hub, Mortimer’s, Revolution, Liberties, Reflex and Evolution. King Street is also home to other office occupiers including the law firm Platt & Fishwick.

Wigan Council has announced it is investing more than £2 million to redevelop and revitalise the town centre. Plans for a new £15 million bus station in the town centre have also been approved.

The ground, basement and part first floor is let to Maloneys Limited on a full repairing and insuring lease for a term of 12 years from 29th September 2015, expiring on 28th September 2027. Therefore, there are approximately 11.25 years unexpired lease term.

The current passing rent is £25,000 per annum (£94.96 per sq m / £8.82 per sq ft). The tenant currently pays rent monthly by way of an informal agreement with the Landlord. The lease benefits from 5 yearly rent reviews, the next being on 29th September 2020.

The part ground and three upper floors are let to Messrs R.L. Alker, A.R.Bowden. S.A.Dean and K.Whitehead, trading as Alker Ball Healds Solicitors, on a full repairing and insuring lease for a term of 15 years from 25th March 2003, expiring 24th March 2018. The current passing rent is £50,000 per annum (£88.73 per sq m / £8.24 per sq ft). The tenant has been in occupation since 1952.

Therefore, an investor will benefit from a total income of £75,000 per annum.

 Our client is seeking offers in excess of £500,000 (Five Hundred Thousand Pounds), subject to contract, reflecting a net initial yield of 14.3% after deducting standard purchaser’s costs of 4.70%.

1. An opportunity to acquire a freehold mixed use investment;
2. The property is well located in the heart of Wigan town centre;
3. The property provides asset management opportunities;
4. Low passing rents;
5. Potential change of use of the upper floors to residential, subject to obtaining the necessary planning consents;
6. The property provides an investor with an attractive lot size;
7. A purchase at the asking price reflects an attractive net initial yield;